WASHINGTON (AP) -- A House bill aimed at protecting borrowers from abusive home loans faces a tougher future in the Senate amid opposition by the mortgage industry and criticism from the White House.
The bill, passed Thursday evening by a 291-127 vote, garnered support from 64 House Republicans. No Democrats were opposed.
Many other Republicans, though, echoed banking industry criticisms, calling the bill an overreaction to the mortgage market's woes and warning of a flood of lawsuits if it becomes law. They also said the mortgage market has already pulled back from lax lending practices common during the tail end of the housing boom.
"Have no doubt, this bill will limit credit availability and options for thousands of Americans who want to grab their share of the American dream of homeownership.," Kieran Quinn, chairman of the Mortgage Bankers Association, said in a statement.
The American Bankers Association said it has "serious concerns" with the bill, arguing that it would add more regulations for banks.
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